ASIAN REINSURANCE CORPORATION

PRESS RELEASE

The Asian Reinsurance  Corporation (Asian Re)  held its Management Board ,Council and the fourth  Shareholders’ Assembly meetings on 12th -  14th  May  2010  in  Bangkok to adopt and approve the  accounts for the year 2009.

Asian Re  is  an inter-governmental organisation established in 1979 under the aegis of the UN/ESCAP  by  ten  governments of  Asia.

Effective July 2005, the Corporation has opened up membership to UN member countries outside ESCAP, private organizations, private corporations ,non-government organizations, multilateral institutions etc. Eight  insurance and reinsurance companies  joined the Corporation so far  as Associate Members  and they  hold  67.6%  equity of  the  Corporation .

At present the Management Board of the Corporation has elected representatives of the Associate members also.

In 2009, the gross premium of the Corporation grew by 15.9% to US$ 52.9 mn and  the net premium also rose as much  to US$31.04 mn.  The net operating profit for the year was  US$ 1.38 mn, reversing the previous year’s loss in the aftermath of the global financial crisis.  The total assets stood at US$ 93.5 mn as at end of 2009 compared to US$ 83.9 mn  of  previous year.  Shareholders’ funds grew by 5%  to US$52.7 mn.  A dividend of 2.75% was declared for the year by the Shareholders’ Assembly.

Asian  Re  has  been  assigned  a  rating  of  ‘B++’  (Good)  by  A.M.  Best.

The  Corporation  has ambitious  plans  to  increase  the  shareholders’  equity  to  US$ 100 mn  in  a  couple  of  years .